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The following items represent liabilities on a firm's balance sheet:a. An amount of money owed to a supplier based on the terms 2/20, n/40, for which no notewas executed.b. An amount of money owed to a creditor on a note due April 30, 2013.c. An amount of money owed to a creditor on a note due August 15, 2014.d. An amount of money owed to employees for work performed during the last week in December.e. An amount of money owed to a bank for the use of borrowed funds due on March 1, 2013.f. An amount of money owed to a creditor as an annual installment payment on a ten-yearnote.g. An amount of money owed to the federal government based on the company's annualincome.
Required1. For each item, state whether it should be classified as a current liability on the December 31,2012, balance sheet. Assume that the operating cycle is shorter than one year. If the itemshould not be classified as a current liability, indicate where on the balance sheet it should bepresented.2. For each item identified as a current liability in part (1), state the account title that is normally used to report the item on the balance sheet.3. Why would an investor or a creditor be interested in whether an item is a current or a longterm liabilities?
Concept of Financial statements Financial statements portray the financial effect of transactions and events by grouping them into classes broadly called elements. A complete
a) DELL computers sell 100 PCs at Rs.42,000. The variable expenses amount to Rs.28,000 per PC. The total fixed expenses is Rs.14,00,000. Prepare an income statement. b.) Ca
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Alexandria Co. Ltd has an authorized capital of Rs 25,000,000 divided into 250,000 equity shares of Rs 100 each. 100,000 shares were issued to public and Rs 80 per share were paid.
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